The late Hugo Chavez’s anointed successor, President Nicolas Maduro, has his work cut out for him if he continues on the socialist path in Venezuela.
Electricity blackouts have been a problem and international media have reported the new president has declared a 90-day “electricity emergency.”
Venezuela is the world’s 11th largest exporter of refined petroleum products among 211 countries. In crude oil reserves, Venezuela is second to Saudi Arabia.
At least 31.6 percent of the country is below the poverty line. Inflation was at 21 percent in 2011 and nationalizing agribusiness, construction and steel have, according to the CIA World Factbook, basically tanked production.